DYDX Benefiting From Bitcoin's Upward TrajectoryWhile the global trend for DYDX appears to be on a downtrend, there's been a positive shift in recent months. Since June, the asset has consistently traded above the $1.7 threshold, demonstrating resilience amidst Bitcoin's occasional downturns.
Currently, DYDX is benefiting from Bitcoin's upward trajectory. Over the past week, it surged by 25%, reaching the resistance zone between $2.37 and $2.50. The momentum suggests a continued rise, eyeing the next targets at $2.65 and $2.77.
Still, a slight correction within this upward trend wouldn't be unexpected. In such an event, DYDX might retreat to a support level of $2.09, or even revisit the buy range between $1.73 and $1.85. A descent into the $1.37-$1.64 range would indicate a shift from its recent bullish stance to a bearish one.
Also, it's crucial to consider certain fundamental developments that could impact the DYDX price. There's talk of the platform transitioning to its own blockchain by the end of the year, a move that could enhance its trajectory. However, whispers of a sizable token release for early investors in the upcoming months should also be weighed in when contemplating future trades.
